While the stock hasn’t performed all that well over the past few months, sales of Apple’s marquee product, the iPhone 5, have surged according to recent channel checks. Canaccord Genuity now estimates Apple will sell 47.5 million iPhones in December and that the stock will hit $800.

Channel checks performed in November showed strong sales of iPhone 5 at AT&T, Verizon, and Sprint stores, and throughout international markets. Importantly, Canaccord’s analysts noted dramatically improved supply, with pretty much all stores offering all different versions of the iPhone 5.

Consumers are so into Apple’s iPhones that sales of the legacy iPhone 4 and the 4S models were strong through November, with the iPhone 4 actually sold out at many stores after Black Friday.

Apple also recently announced the iPhone 5 will be available in more than 50 new countries in December, taking their carrier count to 240, according to Cannacord. Among those new markets will be China, where the company founded by Steve Jobs will arrive by December 7.

Walkley has revised his estimates of iPhone sales and now expects 47.5 million units in December, up from 45 million previously. He’s also lowered his March quarter estimate to 46 million units, from 47.5 million, as the earlier entry into China will pull sales to December. Cannacord has an $800 price target on the stock.

Given the iPhone is Apple’s highest-margin hardware product, December’s solid sales performance will lead to a gross margin closer to 38.7%, according to Walkley, compared to Apple’s guidance of 36%.

While there’s much talk of Samsung putting pressure on Apple and the growth of Android products, the maker of the iPhone seems to be showing no signs of slowing down. Shares in Apple have fallen substantially since peaking above $705 in mid-September. If Walkley’s iPhone sales forecast proves correct, Apple could well be on its way to new highs.